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Smartkarma Daily Briefs

Dec 21
0

Daily Brief Industrials: Honeywell International, Deutsche Post and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Honeywell’s Aerospace Split: Why Elliott’s Activist Call Could Unlock Billions in Value
  • What’s New(s) in Amsterdam – 20 December 2024 (Basic-Fit | InPost / DHL | SBM Offshore)

Honeywell’s Aerospace Split: Why Elliott’s Activist Call Could Unlock Billions in Value

By Baptista Research

  • Honeywell International has recently become the center of investor attention following mounting pressure from activist investor Elliott Investment Management.
  • With a massive $5 billion stake, Elliott has called for the separation of Honeywell’s aerospace business, pushing the industrial giant toward a portfolio realignment.
  • Honeywell’s board announced that it is actively considering a potential aerospace spin-off, signaling a possible strategic transformation.

What’s New(s) in Amsterdam – 20 December 2024 (Basic-Fit | InPost / DHL | SBM Offshore)

By The IDEA!

  • In this edition: • Basic-Fit | urged by Impactive Capital to commence share buyback • InPost / DHL | DHL enters transformative deal on Iberic Peninsula with Portugal’s CTT • SBM Offshore | sells FPSO Liza Destiny to ExxonMobil for USD 535m

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Dec 21
0

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC), MoneyHero , Microsoft Corp, Emerald Holding , Kuaishou Technology, SK Hynix and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks
  • MoneyHero – Emphasis on driving margin
  • Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?
  • Emerald Holding Inc (EEX) – Friday, Sep 20, 2024
  • Monetization Upgrade Kickstarts Kuaishou’s Microdrama Business
  • Tech Supply Chain Tracker (21-Dec-2024): Merck opens new materials center in Japan.

Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

By Manishi Raychaudhuri

  • 2025 could be thorny for Asian equities. The main themes – “Trump turmoil”, a slower Fed and a “stronger for longer” Dollar and continued AI boom – have mixed implications.
  • China’s policy articulation to support consumption departing from earlier supply-side measures, would be an important investment driver. India, though expensive, has a few “unloved” sectors that investors should focus on.
  • Based on our five investment themes, we identify five high quality liquid top picks in Asia – two listed in Hong Kong and one each in Taiwan, India and Korea. 

MoneyHero – Emphasis on driving margin

By Edison Investment Research

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform, MoneyHero is well placed to deliver improved outcomes for both providers and end consumers. Our forecasts are updated to show more moderate top-line growth through FY26e, generating stronger margins.

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

By Baptista Research

  • Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).
  • As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.
  • By investing heavily in Nvidia’s cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.

Emerald Holding Inc (EEX) – Friday, Sep 20, 2024

By Value Investors Club

  • Investors pushed up EEX due to bullish trading recommendations by Nomura
  • Nomura may have miscalculated net buying needed, leading to stock correction
  • Correction in EEX is now seen as overdone, presenting undervalued opportunity for short-term trades and long-term investments

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Monetization Upgrade Kickstarts Kuaishou’s Microdrama Business

By Stan Zhao

  • On December 16th, Kuaishou launched a subscription service for its micro drama channel, we believe it marks a key step towards improving monetization;
  • The penetration rate of heavy micro drama users on the platform has steadily increased, and leveraging their loyalty and monetization efficiency may improve with the subscription model.
  • The new model could better help mitigate the macroeconomic risks posed by advertising and the content quality risks of its long-tail partners.

Tech Supply Chain Tracker (21-Dec-2024): Merck opens new materials center in Japan.

By Tech Supply Chain Tracker

  • Merck to establish new advanced materials center in Japan, expanding global presence in innovative materials science field.
  • Global smartphones market projected to see growth in 3Q 2024, suggesting sustained demand and continuous innovation in tech sector.
  • US government unveils quadrennial supply chain review to enhance national security and boost domestic production, with focus on semiconductor manufacturing.

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Dec 21
0

Daily Brief Financials: DAM Capital, Ventive Hospitality Ltd, Bitcoin, Unum Group, Metlife Inc, Ryan Specialty Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • DAM Capital IPO Review: India’s Fastest-Growing Merchant Bank
  • Ventive Hospitality IPO – Quick Thoughts on Peer Comp and Valuation
  • Crypto Moves #57 – The Most Vital Onchain Metrics for Adoption
  • Unum Group: Tackling Capital Allocation
  • Delphi’s Infrastructure Year Ahead 2025
  • MetLife Inc: Dealing With The Japan Market Dynamics & Executing Strategic Diversification To Up Their Game! – Major Drivers
  • Ryan Specialty Holdings: Expanding The E&S & Specialty Market Presence To Push Top-Line Growth! – Major Drivers

DAM Capital IPO Review: India’s Fastest-Growing Merchant Bank

By Sudarshan Bhandari

  • DAM Capital (930970Z IN) is the fastest growing merchant banker in last 3 years between 2022-24. 
  • DAM Capital is pure-play merchant banker and institutional equity business, delivering high growth and margins compared to its peers. 
  • Since 2019, DAM completed  27 IPOs, 16 QIPs, 6 OFS, 6 Preferential issues, 4 rights issues, 8 buybacks, 4 open offers, and 1 REIT IPO.

Ventive Hospitality IPO – Quick Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
  • Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

Crypto Moves #57 – The Most Vital Onchain Metrics for Adoption

By Mads Eberhardt

  • I have mentioned this before, and I am happy to emphasize it once again: the supply of block space far exceeds demand.
  • There is simply not enough activity, use cases, or applications to fill the available block space across all smart contract-capable blockchains.
  • This imbalance is why I firmly believe that adoption and network activity are the most critical factors for any blockchain seeking to compete with Ethereum, Solana, or the few other networks that have gained significant traction.

Unum Group: Tackling Capital Allocation

By Baptista Research

  • Unum Group has reported its third-quarter 2024 financial performance, accentuating a strong overall operational landscape with both prospects and challenges.
  • On the positive side, adjusted earnings per share (EPS) were reported at $2.13, contributing to over $1 billion in statutory earnings year-to-date.
  • This performance aligns with Unum Group’s objective of achieving EPS growth of 10% to 15% for the full year, surpassing initial estimates.

Delphi’s Infrastructure Year Ahead 2025

By The Delphi Podcast

  • Bitcoin, Ethereum, and Solana are all incorporating ZK technology in different ways for various purposes.
  • Muhammad discusses the development of FHE and its application in creating private ERC20 tokens for enhanced privacy and security.
  • Each ecosystem (Bitcoin, Ethereum, Solana) is using ZK technology differently to address specific challenges and enhance functionality for users.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

MetLife Inc: Dealing With The Japan Market Dynamics & Executing Strategic Diversification To Up Their Game! – Major Drivers

By Baptista Research

  • MetLife’s third-quarter 2024 results present a complex financial landscape shaped by investments, market conditions, and strategic initiatives across different regions.
  • The company reported adjusted earnings of $1.4 billion or $1.95 per share, slightly adjusted to $1.93 per share after accounting for notable items.
  • This reflects the challenges and operational realities amid variable investment income pressures and market dynamics.

Ryan Specialty Holdings: Expanding The E&S & Specialty Market Presence To Push Top-Line Growth! – Major Drivers

By Baptista Research

  • Ryan Specialty Holdings reported a solid performance in its third quarter of 2024, with key financial metrics indicating overall positive momentum despite certain market challenges.
  • The company achieved a 20.5% increase in total revenue, driven by a combination of 11.8% organic revenue growth and contributions from mergers and acquisitions.
  • The quarter’s adjusted EBITDAC rose by 29.4% to $190 million, with margins expanding by 220 basis points to 31.5%.

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Dec 21
0

Daily Brief Health Care: Chabiotech, Mira Pharmaceuticals , MetaVia and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • CHA Biotech Announces A Capital Raise of 41% of Outstanding Shares
  • MIRA: IND Application Submitted to FDA
  • MTVA: Compelling Data for DA-1241 in Phase 2a MASH Trial

CHA Biotech Announces A Capital Raise of 41% of Outstanding Shares

By Douglas Kim

  • On 20 December, Chabiotech (085660 KS) announced that it plans to conduct a rights offering capital raise of 250 billion won. 
  • The expected rights offering price is 10,800 won (27.3% lower than current price of 14,860 won). A total of 23.148 million new shares (41% of outstanding shares) will be issued.
  • This capital raise by CHA Biotech is likely to further negatively impact the company’s share price in the next several weeks as many investors are concerned about excessive shares dilution. 

MIRA: IND Application Submitted to FDA

By Zacks Small Cap Research

  • MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

MTVA: Compelling Data for DA-1241 in Phase 2a MASH Trial

By Zacks Small Cap Research

  • On December 18, 2024, MetaVia announced positive topline results from the Phase 2a clinical trial of DA-1241 in patients with presumed metabolic dysfunction-associated steatohepatitis (MASH).
  • The results showed a statistically significant decrease in alanine aminotransferase (ALT) levels, the trials primary outcome, for DA-1241 100 mg at weeks 4 and 8 and statistically significant results were also seen in controlled attenuation parameter (CAP) and hemoglobin A1c.
  • DA-1241 was well tolerated with only 35% of patients on the 100 mg dose reporting a treatment related adverse event (TEAE) compared to 28% on placebo.

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Dec 21
0

Daily Brief Consumer: Seven & I Holdings, Honda Motor Co Ltd (Adr), Porsche Automobil Holding , Bloks Group, OPAP SA and more

By | Consumer, Daily Briefs

In today’s briefing:

  • 7&I (3382 JP) – Share Price Dipping Deeper Means Dipping Toes Deeper
  • Honda and Nissan’s Bold Merger Plan: Is Foxconn the Wild Card?
  • High Conviction 2025: Porsche’s SE Discount to NAV Reduction
  • Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?
  • OPAP – Winning strategy

7&I (3382 JP) – Share Price Dipping Deeper Means Dipping Toes Deeper

By Travis Lundy

  • Seven & I Holdings (3382 JP) shares are in a lull here. Winter doldrums without news as the Ito consortium gets its ducks in a row and 7&i sells York.
  • Alimentation Couche-Tard (ATD CN) is waiting patiently. They have the ability to wait, and to fund, and pay up. 
  • An article/show is causing a dip today on top of last week’s weakness. This is a dip to buy.

Honda and Nissan’s Bold Merger Plan: Is Foxconn the Wild Card?

By Baptista Research

  • The automotive world is abuzz with speculation following reports that Honda Motor Co. and Nissan Motor Co. are exploring a potential merger.
  • This development comes amid mounting industry pressures, including surging competition from Chinese electric vehicle (EV) makers and the relentless expansion of Tesla.
  • The possibility of a Honda-Nissan tie-up has sparked market reactions, with Nissan’s shares skyrocketing while Honda’s stock faced a decline.

High Conviction 2025: Porsche’s SE Discount to NAV Reduction

By Jesus Rodriguez Aguilar

  • Porsche SE, a holding company, controls 53.3% of Volkswagen (VW) and 25% (+1 share) of Porsche AG, leveraging a dual-class share structure to consolidate control with minimal economic stakes.
  • Net debt of €5.16 billion, accrued from the Porsche AG stake acquisition, relies heavily on VW and Porsche AG dividends for debt servicing, with CF uncertainties tied to VW’s restructuring.
  • Porsche SE trades at a 31.8% discount to NAV, reflecting legal liabilities, debt reduction priorities, and holding structure complexities, but this discount could tighten to 20% as risks subside.

Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?

By Andrei Zakharov

  • Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.
  • In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.
  • Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.  

OPAP – Winning strategy

By Edison Investment Research

OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported by exclusive prepaid licences. To complement these activities, OPAP has developed a strong presence in the regulated online markets, where, by definition, there is greater competition. Management’s strategy is to grow its customer interactions in both the online and offline worlds, through a combination of rejuvenating its older games and developing new games that appeal to broader demographics, while maintaining its leading corporate and social responsibility credentials.

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Dec 20
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Dec 13th): Pilbara Minerals and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Dec 13th): Pilbara Minerals, Xero, Apa, Coles, Wisetech Global

ASX Short Interest Weekly (Dec 13th): Pilbara Minerals, Xero, Apa, Coles, Wisetech Global

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Dec 13th (reported today) which has an aggregated short interest worth USD21.8bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Pilbara Minerals, Xero, Apa, Coles, Wisetech Global.

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Dec 20
0

Daily Brief ESG: The Impact of the 2025 Revision of the Stewardship Code Is … and more

By | Daily Briefs, ESG

In today’s briefing:

  • The Impact of the 2025 Revision of the Stewardship Code Is …

The Impact of the 2025 Revision of the Stewardship Code Is …

By Aki Matsumoto

  • For investors, it is a step forward to lower the hurdles for collaborative engagement, and for institutional investors, it is a step forward to reduce costs. 
  • It is hoped that passive funds, which have been reluctant to engage in engagement due to cost, will take a more positive approach.
  • Rule amendments to make it easier to identify substantial shareholders are expected to be negotiated in advance with substantial shareholders prior to voting.

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Dec 20
0

Daily Brief Thematic (Sector/Industry): Overview of My Winners and Losers in 2024…and 5 High Conviction Ideas Going Into 2025 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Overview of My Winners and Losers in 2024…and 5 High Conviction Ideas Going Into 2025
  • Ohayo Japan | US Stocks Fade into Close
  • India’s Grid Transformation: A ₹9 Lakh Crore Opportunity for T&D EPC Firms
  • Singapore Market Roundup (19-Dec-2024): OCBC Research Head Predicts Bank Profit Increase
  • How the AI boom is reviving Three Mile Island
  • Navigating a new era of shipping environmental regulations
  • [Blue Lotus Daily-TMT Update]:TCOM US/ ATAT US/1024 HK/700 HK/1439927D CH /BIDU/3690 HK/JD/BABA/PDD
  • China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 13-19, 2024
  • Singapore Market Roundup (18-Dec-2024): KGI rates Elite UK REIT ‘outperform’, target price 37p.
  • [Blue Lotus Daily]:TSLA US/1211 HK/LI US/1810 HK/NIO US/XPEV US/1810 HK/AAPL US/6753 JP

Overview of My Winners and Losers in 2024…and 5 High Conviction Ideas Going Into 2025

By Nicolas Van Broekhoven

  • The 2024 vintage of “5 High Conviction Ideas” showed three stocks with positive performance and two with losses.
  • Our best performer was Plover Bay Technologies (1523 HK) which increased 157% in FY24. While our worst performer was AEM (AEM SP) down over 60%.
  • Our 2025 vintage of top ideas is heavily copper-focused as we continue to believe the supply crunch in copper is real and set to get worse.

Ohayo Japan | US Stocks Fade into Close

By Mark Chadwick

  • U.S. stocks saw an early rebound fade by Thursday’s close, leaving major indexes little changed
  • LINE Yahoo Japan may acquire BEENOS, a leading cross-border e-commerce company, through a tender offer worth ¥53.8 billion
  • TOPPAN Holdings announced its largest acquisition to date, purchasing five subsidiaries of Sonoco Products, a US packaging manufacturer, for ¥270 billion

India’s Grid Transformation: A ₹9 Lakh Crore Opportunity for T&D EPC Firms

By Sudarshan Bhandari

  • India’s NEP 2022-2032 presents a favorable outlook for EPC firms specializing in Transmission & Distribution by emphasizing transmission capacity enhancement, renewable energy integration, and modernization of existing assets. 
  • This translates into a projected capital expenditure of Rs. 9 Lakh Crore between FY25 and 32, offering EPC companies substantial growth opportunities. 
  • This growth is further strengthened by the NEP’s focus on embracing advanced technologies like HVDC and powering the green hydrogen/green ammonia economy, ultimately establishing a long-term growth trajectory for T&D.

Singapore Market Roundup (19-Dec-2024): OCBC Research Head Predicts Bank Profit Increase

By Singapore Market Roundup

  • OCBC research head considers raising banks’ 2025 profit forecasts due to expectations of fewer Fed cuts.
  • DBS advises purchasing Keppel Infrastructure Trust for reliable dividends and potential growth opportunities
  • Both banks are making strategic recommendations based on market trends and performance projections.

How the AI boom is reviving Three Mile Island

By Behind the Money

  • Three Mile Island nuclear site in Pennsylvania is being considered for revival to meet growing energy demands
  • Reopening Three Mile Island faces financial, staffing, regulatory challenges and opposition from community activists.
  • Nuclear power revival in the US driven by demand from tech companies like Microsoft for reliable, clean energy

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Navigating a new era of shipping environmental regulations

By Commodities Focus

  • Emerging regulatory changes in the shipping industry, including EU ETS and fuel EU regulations, are driving a shift towards more sustainable practices and alternative fuels.
  • Alternative fuels like methanol, ammonia, and hydrogen are expected to play a significant role in the maritime sector, with infrastructure and adoption challenges to overcome.
  • Price reporting agencies like Platts are adapting to these regulatory changes by launching new assessments and methodologies to accurately reflect market conditions and provide valuable insights to stakeholders.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

[Blue Lotus Daily-TMT Update]:TCOM US/ ATAT US/1024 HK/700 HK/1439927D CH /BIDU/3690 HK/JD/BABA/PDD

By Ying Pan

  • TCOM US/ ATAT US: China Extends Transit Visa-Free Policy to 240 Hours(+/+)
  • 1024 HK: Kuaishou Introduces Subscription Service for Micro Drama Business (+)
  • 700 HK/1439927D CH/BIDU US: Apple Negotiates with Tencent and ByteDance to Launch AI Features in China (+/+/-)

China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 13-19, 2024

By Robert Ciemniak

  • This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
  • We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
  • We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to the sources

Singapore Market Roundup (18-Dec-2024): KGI rates Elite UK REIT ‘outperform’, target price 37p.

By Singapore Market Roundup

  • In 2025, Singapore hotels focus on moderation in their practices to adapt to changing market conditions.
  • DBS selects CapitaLand Ascott Trust as its top choice, indicating confidence in the property trust’s performance.
  • Despite concerns about a potential property market bubble, DBS believes calls for cooling measures in Singapore are premature.

[Blue Lotus Daily]:TSLA US/1211 HK/LI US/1810 HK/NIO US/XPEV US/1810 HK/AAPL US/6753 JP

By Eric Wen

  • TSLA/1211 HK/LI/1810 HK/NIO/XPEV: The General Manager of Tesla’s Shanghai factory resigned to join an electric car company facing production capacity bottlenecks, possibly because FSD had no hope of entering China.(///////////)
  • 1211HK/LI/NIO/XPEV:In the 50th week of 2024, the market generally rose and sprint towards the end of the year.It will be difficult for NIO to achieve its guidance in the Q4(///////)
  • 1810 HK/AAPL US/6753 JP: Xiaomi to expand offline network in Japan (+/-/-)

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Dec 20
0

Daily Brief Credit: New Issue Snapshot: Vista Energy and more

By | Credit, Daily Briefs

In today’s briefing:

  • New Issue Snapshot: Vista Energy
  • Lucror Analytics – Morning Views Asia

New Issue Snapshot: Vista Energy

By Leandro Gubler

  • We are initiating coverage on Vista with an Outperform recommendation. We view Vista as an attractive option for investors seeking exposure to Argentina’s energy sector.
  • Vista boasts a robust financial and business risk profile, supported by strong credit metrics, solid profitability, and its leadership position in Argentina’s Vaca Muerta shale formation.
  • Vista is exposed to fewer sovereign and political risks than YPF, and its unique growth opportunity adds to its appeal.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Shimao Group, Guangzhou R&F, New World Development
  • In the US, the FOMC has voted 11-1 to reduce the Fed funds target rate by 25 bps to 4.25-4.50%, a move in line with market expectations. Cleveland Fed President Beth Hammack voted against the decision, in favour of keeping rates steady instead.
  • Fed Chairman Jerome Powell noted during a press conference that the central bank has lowered the policy rate by a full percentage point from its peak, adding that interest rates are still meaningfully restraining economic activity and that the Fed remains on track to further reduce rates.

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Dec 20
0

Daily Brief ECM: LG CNS Pre-IPO – Thoughts on Valuation – Retail Demand Appears Hot and more

By | Daily Briefs, ECM

In today’s briefing:

  • LG CNS Pre-IPO – Thoughts on Valuation – Retail Demand Appears Hot, Digestible Val at Bottom End
  • Bloks Group IPO: Just a Traditional Toy Company in Red Ocean Market
  • IGI (India) IPO Trading – Decent Anchor and Strong Overall Demand
  • LG Electronics India IPO Valuation Analysis
  • Bluestone Jewellery and Lifestyle Ltd Pre-IPO Tearsheet
  • Ventive Hospitality Pre-IPO – Leveraging Expanded Portfolio to Drive Growth

LG CNS Pre-IPO – Thoughts on Valuation – Retail Demand Appears Hot, Digestible Val at Bottom End

By Clarence Chu

  • LG CNS (LGCNSZ KS) is looking to raise around US$850m in its upcoming Korea IPO.
  • LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
  • In our previous notes, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.

Bloks Group IPO: Just a Traditional Toy Company in Red Ocean Market

By John Liu

  • Bloks Group, founded in 2014, is China’s top assembly character toy company, targetting primiary school students.
  • Bloks faces competition from multiple domestic competitors in a slow growing market. The company’s aggressive market expanison in the past 2 years has come at a significant cost .
  • The IPO valuation may be high, considering the industry’s low barriers to entry and the company’s unstainable growth.

IGI (India) IPO Trading – Decent Anchor and Strong Overall Demand

By Sumeet Singh

  • International Gemmological Institute (India) raised around US$500m in its India IPO. 
  • IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
  • We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.

LG Electronics India IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of LG Electronics India is implied market cap of 1,256 billion INR or US$14.7 billion.
  • Several media accounts have mentioned that LGEI could be targeting a valuation of about US$13 billion to US$15 billion.
  • LGEI’s valuation would need to be about US$13 billion or less in order for us to be Bullish on this IPO. 

Bluestone Jewellery and Lifestyle Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is planning to raise about US$118m through its upcoming India IPO. The lead bookrunners for the deal are Axis, IIFL, Kotak.
  • BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. 
  • It is a digital-first direct-to-consumer (DTC) brand and is the second largest digital-first omni-channel jewellery brand in India in terms of revenues for FY24 as per RedSeer Report.

Ventive Hospitality Pre-IPO – Leveraging Expanded Portfolio to Drive Growth

By Akshat Shah

  • Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.
  • Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
  • In this note, we talk about the company’s historical performance.

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